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Mining & Metals
Bird Construction Downgraded to Market Perform, Price Target Raised to $55.00 at BMO
BMO has downgraded Bird Construction (BDT.TO) to market perform from the previous outperform. The price target on Bird's shares have been raised by $3.00, to $55.00.Analyst John Gibson notes that while Bird reported in-line first-quarter results, with EBITDA margin guidance remaining intact (8% in 2027 vs. 6.5% in 2025), the stock has been "on a tear" to start the year (+75% YTD). Valuation is also moving closer to U.S peers."Given the strong outlook for backlog and margin growth, we continue to view the story in a favorable light, although upside could be moderated given recent gains," he writes.Price: $51.99, Change: $+2.14, Percent Change: +4.29%
$BDT.TO
Mining & Metals
TAG Oil Provides Update on Drilling Operations at BED-1 and SERQ Concessions
TAG Oil (TAO.V) has secured a drilling rig for the upcoming T-200 well at the Badr Oil Field (BED-1) located in the Western Desert of Egypt, the company said on Thursday.The company expects starting drilling operations by the end of June 2026, subject to receipt of all required regulatory approvals.The T-200 vertical well is planned to test the Abu Roash "F" formation in BED-1, a naturally fractured reservoir in the area where adjacent wells have encountered lighter gravity oil, said the company.The well is projected to reach a total depth of 4,250 meters and is anticipated to require approximately 60 days to drill and complete, it added."The Company has also been advised by the Egyptian National Petroleum for Exploration and Development Company (ENPEDCO) that additional exploration blocks have been included into the Southeast Ras Qattara Concession ("SERQ"), together with amendments to certain economic terms of the current concession agreement," said the company.As a result, the preliminary approval of TAG Oil's award has been withdrawn and will be resubmitted following enactment of the new law amending the current concession agreement terms, stated the company."We are pleased to have secured a rig for the T-200 well at BED-1 and look forward to spudding by the end of June," said TAG Oil's executive chairman and CEO Abby Badwi. "While the revised process for SERQ impacts timing to start operations, we remain committed to progressing the project and will provide further updates when available."The company's shares were last seen unchanged at $0.08 on the TSX Venture Exchange.
$TAO.V
Mining & Metals
Correction: Calian Group Up 11% On Improved Q2 Net Profit, Revenue
(Correcting second paragraph to show the results were "For Q2". A corrected version follows)Calian Group (CGY.TO) was at last look up 11% in early Thursday trade after reporting higher net profit and revenue in the second quarter as the company begins to "capture the benefits of strengthening demand across the defence sector".For Q2, net profit was C$6.7 million, or $0.58 per diluted share, compared to $0.3 million, or $0.02 per diluted share in the corresponding year-ago quarter. The increase is primarily related to higher adjusted EBITDA and lower mergers and acquisition costs, partially offset by higher restructuring expenses and taxes, said the company.Second quarter adjusted net profit was $15.1 million, or $1.30 per diluted share, up from $9.1 million, or $0.77 per diluted share, in the year-ago quarter.Second quarter revenue was a record $228.7 million, compared to $193.7 million in the year-ago quarter. The consensus estimates compiled by FactSet for Sales was $215.7 million.Acquisitive growth was 6% and was generated by the acquisitions of Advanced Medical Solutions completed in May 2025 and Infield Scientific closed in October 2025. Organic growth was 12% and was generated by both the Defence & Space and Essential Industries segments.On May 13, 2026, the company declared a quarterly dividend of $0.28 per share, unchanged from the prior quarter. The dividend is payable June 10, 2026, to shareholders of record as of May 27, 2026."Our second quarter results mark an important inflection point for Calian as we begin to capture the benefits of strengthening demand across the defence sector," said Patrick Houston, Calian Chief Executive Officer.He added: "Revenue grew 18%, including 12% organic growth, which was achieved through record-setting deliveries and a strong pace of contract signings. This solid top-line performance translated into an 60% increase in adjusted EBITDA, which significantly outpaced revenue growth and reflects the compounded impact of higher volumes and improved operational leverage."These results reflect early but tangible momentum in government defence spending and validate the strategic choices we have made to sharpen our operating model. With a $1.5 billion backlog, a robust acquisition pipeline, and a solid balance sheet, we are well-positioned to capture market share, deliver strong full year performance, and create lasting value for shareholders."Price: $75.90, Change: $+7.90, Percent Change: +11.62%
$CGY.TO